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Gross income

The total amount of money and value of property or services you receive, before any deductions or expenses are taken out. For tax purposes, this is what the IRS generally considers taxable income.

Qualified real property interest

Specific types of land ownership or use rights that are eligible for this bill's tax exemption. This can include the entire property, a future interest in the property, or a permanent legal restriction on how the property can be used (like a conservation easement).

REPI program (Readiness and Environmental Protection Integration)

A Department of Defense program that works with state and local governments and private conservation groups to acquire land or conservation easements near military installations. The goal is to prevent development that could interfere with military training and testing, while also protecting natural resources.

Internal Revenue Code of 1986

The body of law that outlines the tax rules and regulations for the United States, administered by the Internal Revenue Service (IRS).

Pass-through entity

A business structure (like a partnership or S corporation) where the income, losses, deductions, and credits are 'passed through' directly to the owners' personal income without being taxed at the business level first.

Gain from the sale

The profit made when an asset, such as real estate, is sold for a higher price than its original cost or adjusted basis. This profit is typically subject to capital gains tax.